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So, I want to transfer funds from my bank account to my Paypal balance. I was told a way to make the process faster is to add and confirm a credit card, but I am hesitant about this. Perhaps I'm either cynical or paranoid, or maybe a combination of both.
My question is: would doing so be a smart idea?
Also, if I have started said transfer (which is now in pending status) and adding the credit card does quicken the process, can the transfer of funds happen faster?
Thanks for any help! ^^
Welcome to the community!
As a PayPal employee, I know my answer is biased but to answer your first question, adding a card to your PayPal account is a great idea.
One of the main reasons PayPal started as a company is to reduce the number of times you have to enter your financial information into a merchant's website. Each time you enter that information into a website means there is possibly another database where that information might be compromised. When you use PayPal, your financial information is never shared with the merchant. Our servers are secure and we have never had any personal or financial information stolen from our servers.
With that said, I do want to clarify that adding a card to your PayPal account will not technically speed up any pending or future bank transfers. Having a card on file enables our "Instant Transfer" feature which means that PayPal will immediately pay a merchant instead of waiting for funds to clear from your bank. A card acts as a back-up funding source in case a bank transfer fails. While we pay the seller right away, the bank transfer time frame is unchanged.
I hope this helps!